Lowcost Travel Group ceased trading on July 15 and is in the hands of joint administrators Smith and Williamson and CMB Partners UK.

But the structure of the group, with its travel agency business registered in Mallorca and its bed bank registered in Switzerland, have slowed the formal process of placing the subsidiaries in insolvency.

Joint administrator Finbarr O’Connell of Smith and Williamson said yesterday that the process of appointing insolvency practitioners in Spain and Switzerland could take another week.

Until then the administrators would be unable to clarify the details of Lowcost Travel’s B2B bookings, said O’Connell, saying: “We should have details over the next week or so.”

The joint administrators are being advised on travel insolvency issues by legal firm Cassowary as well as by international law firm Nabarro LLP.

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